These terms and conditions below must be read in conjunction with our Statement of Practice Investors leaflet, which details generic terms and conditions relating to all of our savings accounts.
You must be less than 18 years of age to open a Junior Cash ISA.
Under Junior Cash ISA regulations, withdrawals and closures are not allowed until the named child reaches 18 or in cases of terminal illness or death.
Prior to the child reaching 16, anyone with parental responsibility will be allowed to open and operate the Junior Cash ISA on a child's behalf. However, anyone can make deposits into a Junior Cash ISA (Grandparents for example) and the deposit will be treated as a gift and earn tax free interest
United Kingdom children with a Child Trust Fund (CTF) will not be eligible to hold a Junior Cash ISA.
Transfers of savings from a CTF into a Junior Cash ISA are permitted at the request of the registered contact for a CTF. All of the savings in the CTF must be transferred. After transfer, the CTF must be closed.
You will be contacted shortly before the named Junior Cash ISA account holder reaches their 18th birthday* to discuss what they wish to do with their savings. If no instructions are received, the capital and interest will be transferred to the Society's Cash ISA available at that time. Further details regarding our Cash ISA will be sent to the Junior Cash ISA holder just before they reach 18.
* Please be aware that when the child reaches the age of 16 they are entitled to hold the Junior Cash ISA in their own name. When the child reaches the age of 16, we will write to them to inform them of this option and ask whether they wish to become the Registered Contact of the account.
A child over the age of 16 resident in the UK will be able to open a Junior Cash ISA on their own behalf, as well as a Cash ISA.
You cannot open more Junior Cash ISAs than that described in the current legislation.
Your initial investment must be a minimum of £10. Please make cheques payable to yourself not Leek United.
The maximum amount you can invest in a Junior Cash ISA changes on an annual basis as prescribed by HM Revenue and Customs. Please ask a member of staff for details of the maximum annual sum that may be invested during the current tax year or, alternatively, contact our Savings Helpdesk on 0808 281 9308.
Once you have reached the maximum investment during any one tax year, no further deposits will be permitted.
The interest rate is variable.
Interest is calculated on a daily basis and paid on 1 January each year.
The Junior Cash ISA investment will be, and must remain, the beneficial ownership of the child and must not be used as security for a loan.
If the investment fails to satisfy the provisions of the Junior ISA Regulations, the Junior Cash ISA will become void and we will notify you.
Once you have opened your Leek United Junior Cash ISA, you have 14 calendar days after the account has been opened to notify us that you wish to change your mind. If you notify us within this time, we will help you transfer to another of our accounts or (assuming we have received cleared funds) give you back your money together with any interest it has earned.
Notice of cancellation can be made in person or by written notification.
The Junior Cash ISA manager will satisfy himself that any person to whom he delegates any of his functions or responsibilities under the terms agreed with the investor is competent to carry out those functions and responsibilities.
On the instructions of the investor and within the time stipulated by the investor, a Junior Cash ISA with all rights and obligations shall be transferred to another Junior ISA manager in whole or part.
Tax assumptions are those currently applicable and are subject to statutory change.
For details relating to the Financial Services Compensation Scheme please click here.
If you wish to make a regular payment into your Leek United savings account, once it has been opened, why not do this by setting up a standing order - it's quick and easy to do.
To open a Junior Cash ISA savings account, please complete and return a savings application form to:
Leek United Building Society
50 St Edward Street
ST13 5DLProving your Identity